Hi everyone,

Thanks for your words of wisdom. To update you:

Yes, I have spoken to my solicitor and they have said that the contracts will need to be rescinded. Another can be drawn up with the put and call option in place. Apparently upon exchange of contracts they (the contacts) are lodged with the Office of State Revenue. I have asked my solicitor to confirm if the Office will think I am trying to dodge the stamp duty by signing another contract for the same property with an option of on-selling or settling – thanks for the tip Melbear! I wait to hear back from them.

I guess I am trying to weigh up the advantages and disadvanatges of settling the property, pay stamp duty, keeping it empty for three months (PPOR) and selling it – minimising capital gains. Or, taking the profit from not paying stamp duty (and also from the discount gained) when onselling it upon settling time and paying capital gains.

As I am trying to gain all info before going back to the developer friend, I appreciate your responses and will post to let you know the solicitors final words.

Thanks,

Ali.